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Analysis

Price Analysis 26/01: BTC, ETH, and ALT

Author

Jay Solano

Tags

Reading time

3 mins
Last update

Author

Jay Solano

Tags

Reading time

3 mins
Last update

Author

Jay Solano

Tags

Reading time

3 mins
Last update

btc

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In the current market landscape, the SEC has opted to postpone its decision on the Grayscale spot Ethereum ETF, introducing an element of uncertainty into the crypto space. Notably, Grayscale has made a recent deposit of 9,434 BTC ($376.5M) to CoinbasePrime, marking a continuation of their significant transactions. The cumulative total now stands at an impressive 103,134 BTC ($4.23B) since the passing of the ETF. Meanwhile, amidst this regulatory development, the US government is set to auction off $130M worth of Silk Road-related Bitcoin. As market dynamics unfold, the landscape appears relatively stagnant, with numerous altcoins and Bitcoin alike caught in a tight range throughout the week, contributing to an overall subdued atmosphere.

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Bitcoin Market Analysis

Bitcoin has experienced a downturn, sliding from $42,300 to $38,615, with Grayscale continuing its daily Bitcoin deposits into Coinbase, amplifying selling pressure. Alongside, concerns raised by Cobie regarding GBTC have added complexity to the situation. Hyblock data indicates a surge in short positions and significant liquidations, up to $42,000, while the Bitcoin Heatmap reveals a cluster of bids below the current price, signaling market activity.

Amidst these challenges, Bitcoin is striving to reclaim the $40,200 support level, showcasing its resilience. Grayscale’s persistent BTC deposits are fueling speculative concerns, shaping market sentiment. Vigilance around key support levels is crucial, with Bitcoin’s attempt to reclaim $40,200 amidst market volatility signaling a positive outlook. Conversely, the $39,000 support level remains pivotal in the event of a sustained downturn, supported by both fundamental and technical analysis.

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Ethereum Market Analysis

Ethereum is gearing up for the EIP-4488 upgrade, expected around February, which could bolster its layer 2 adoption and fundamentals. The delay in the ETH ETF suggests a potential scenario akin to the Bitcoin ETF, approved on the final decision day, likely in May or June 2024. Ethereum is currently hovering around the same support level highlighted earlier, with limited activity observed as whales engage in Bitcoin dumping or OTC accumulation. Notably, Celsius has been observed depositing a substantial amount of Ethereum to Coinbase, exerting downward pressure on prices at present.

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Altcoin Watchlist

WIF

Since the last update, WIF has experienced a gradual increase in price, climbing up to a maximum of 30%. Despite the slow pace of this upward movement, given the current market conditions characterized by low activity, the progress observed in WIF development is noteworthy. It’s possible that some pullbacks may occur, possibly retracing to around 0.305 to clear out previous lows and liquidate some long positions. The WIF narrative remains active on crypto Twitter, with a flurry of memes and development updates dominating the timeline.

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SUI

In the latest market activity, SUI has demonstrated significant resilience, maintaining its value relative to APTOS while outperforming it in various aspects. The prevailing sentiment suggests that SUI may be undervalued compared to its competitor, APTOS, and could be poised for a breakthrough. Despite a somewhat stagnant ecosystem, recent developments and positive price movements have spurred interest among developers, favoring SUI for its user-friendly features and overall superiority. Positioned at a crucial technical support level, SUI is teetering on the brink of a potential breakout, characterized by a cup and handle pattern. Should this breakout occur, there’s potential for a bullish upswing, possibly reaching new all-time highs and closing the gap with its competitors.

In addition to its competitive edge, SUI has ventured into the realm of NFTs, with the Hyperspace marketplace emerging as a prominent player in this space. This diversification into NFTs further bolsters SUI’s position in the market, adding another layer of potential growth and innovation to its ecosystem.

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ALT

Exciting news for crypto enthusiasts! $ALT tokens are now up for grabs, available to those who’ve restaked ETH on Eigenlayer or used liquid restaking protocols. Currently trading at $0.32, holders of lower-tier wallets can claim around 667 ALT, which amounts to roughly $210—a nice bonus indeed. For TIA stakers, patience is key as they await their turn to claim. Market-wise, $ALT is currently priced at $0.337 on Binance, with a market cap of $308 million and a fully diluted market cap of $2.8 billion. Depending on various criteria, holders can expect to receive anywhere from 300 to 129,859 $ALT tokens, depending on their participation in Altitude campaigns or ownership of AltLayer OG Badge NFTs. Exciting times ahead for $ALT holders.